CCDA Budget - FY2012-2013 : --
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City Center Development Agency
CCIJA
The City of Tigard's Urban Renewal eney
MIN° 4
2012-1_3 Adopted Budget Tigard, Oregon y Y
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City Center Development Agency
City of Tigard
Fiscal Year 2012-2013
CITY CENTER DEVELOPMENT AGENCY BUDGET COMMITTEE
Dan Goodrich
Melody Graeber Craig Dirksen
Christopher Henn Gretchen Buehner
Cameron James Marland Henderson
Zoe Monahan Nick Wilson
Clifford Rone Marc Woodard
CITY CENTER DEVELOPMENT AGENCY BOARD
Craig Dirksen, Chair
Gretchen Buehner Nick Wilson
Marland Henderson Marc Woodard
EXECUTIVE DIRECTOR
Marty Wine
COMMUNITY DEVELOPMENT DIRECTOR
Vacant
REDEVELOPMENT PROJECT MANAGER for DOWNTOWN
Sean Farrel ly
FINANCE and INFORMATION SERVICES DIRECTOR
Toby LaFrance
. n
TIGARD
CITY CENTER DEVELOPMENT AGENCY
City of Tigard 13125 SW Hall Blvd. Tigard,OR 97223
To the Citizens of Tigard,
I am pleased to present my first Budget Transmittal as the Executive Director of the City Center
Development Agency (CCDA).
The City Center Development Agency is charged with the revitalization of downtown and implementation of
the Urban Renewal Plan which was approved by voters in May of 2006. The District's source of funding is
tax increment financing,which is one financing tool to assist with redevelopment. When the CCDA was
established, the assessed value of the district was frozen. Property taxes collected on any growth in assessed
value above the frozen base (the tax increment) go to the CCDA.
Tigard's Urban Renewal District is less mature than several neighboring districts and is very modest in
geographic size. Due to youth and size of the district we are limited in what we can do until the tax
increment grows.While we wait for district to grow,it is worth noting that there has been significant public
investment in downtown Tigard. The list of projects includes two major intersection improvements on
Pacific Hwy and Burnham Street improvements that garnered Project of the Year Award from the Oregon
Chapter of American Council of Engineering Companies. In the next couple of years there will be major
improvements along Main Street and land will be purchased for future park development in downtown.
These projects total over$20 million in investments that use funding from the State,Washington County,
City of Tigard's share of State Gas Tax,Tigard's $0.03 per gallon City Gas Tax, and Tigard's Park Bond
proceeds.
The FY 2012-13 adopted budget for the CCDA contains $540,000 in projects based on recommendations by
the City Center Advisory Commission (CCAC). This is an increase from prior years made possible by the
slow growth in the increment and carrying forward $260,000 of unspent loan proceeds from FY 2011-12. In
the upcoming year,we will continue the Facade Improvement Program,which has achieved a high level of
participation by businesses in the district. In addition, the CCDA will undertake a number of other projects,
including:
• Developing a public parking lot off Burnham Street
• Targeted Retail&Restaurant Incentive Program
• Streetscape features for the Main Street/ Green Street project
• Development and Real Estate Consulting
• Public Works Yard Preparation for potential redevelopment
All of these projects will be paid for by loans from the City of Tigard. $260,000 of the projects are paid for
by carrying forward unspent loans from FY 2011-12. The remaining$280,000 will be paid for by a loan from
the City of Tigard General Fund that will be repaid during the fiscal year.
Additionally, staff has researched the viability of securing private financing. This is now a possibility for the
CCDA. Due to the nature of this funding source,it should be used when a major project or land purchase
with the potential to directly impact the tax increment has been identified. These projects and the potential
for private funding of additional work are proportional to the expectations of where CCDA should be for its
age, economic condition, and size.
One of the discussions th it we will undertake in FY 2012-13 is recognizing the fiscal relationship between the
City of Tigar L's General Fund and the CCDA. Tigard's Gene al Fund supports the Downtown
Redevelopment Division within the Community Development Department that is dedicated to downtown
issues and assisting the C ;DA. The adopted budget for this division is ov ;r$180,000 in FY 2012-13 with
over$500,00 I in support Dyer the last four fiscal years. In addition, the General Fund makes loans to
support CCDA projects. Over the last several years, these loa Ls have been repaid in full during the fiscal
year, resultin in no fiscal impact to the General Fund. Acquir ng a private loan will subordinate the loans
from the Ge eral Fund. There will not be sufficient resources to make pa,,rments on the private financing
and repay the General Fund in full each year,which has the potential for a aegative fiscal impact to Tigard's
General Fun .at a time that the city is making substantial servi :e reductions. This issue was mitigated this year
by loaning$2)0,000 from the Sewer Fund with the remaining 80,000 fro i the General Fund. How to
achieve the aims of the U ban Renewal Plan with minimal imp ict to Tigard's General Fund will be a key
decision in the upcoming year.
The objective of the City 2enter Development Agency is to engage stakeh elders and foster economic
development in Tigard's )owntown. Despite the economic d )wnturn,pr ,perty and business owners have
engaged this rear to begin to build vitality Downtown, and the CCDA will :ontinue to set up partnerships
than can be a:ted upon waen the economy improves. The agency is fortu ate to have an engaged and
committed ci izen advisory body, the City Center Advisory Co nmission (CCAC),which has actively
recommende I and advise I the board about key initiatives and projects that will be implemented in this
budget. I am optimistic t iat this year's budget and the projects that are currently underway continue to build
a foundation n the Urban Renewal District for further revitalization and investment from public and private
entities.
Respectfully submitted,
iIli City of Tigard T= - _
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CITY CENTER URBAN RENEWAL AGENCY FACTS
District Formation Date May 2006
District Size (acres) 193.71
District Tax Lot Area (acres): 144.14
District Right-of-Way Area (acres) 49.57
Base Assessed Value $69,207,378
Assessed Value (2012) $95,335,863
Annual taxes levied (projected 2012) $332,048
Maximum Debt Limit: $22,000,000
Debt Issued (2011): $280,818
Remaining Debt Limit $22,000,000
Capital Project Funds - Urban Renewal Capital Improvements
FY 2010 FY 2011 2012 2013 2013 2013 Adopted vs
Description Actual Actual Revised Proposed Approved Adopted FY 12 Revised
Resources
40000-Beginning Fund Balance 27,967 42,445 89,330 260,000 260,000 260,000 191 1%
Total Beginning Fund Balance 27,967 42,445 89,330 260,000 260,000 260,000 191 1%
44501-Intergovernmental Revenue 17,020 0 375,000 280,000 280,000 280,000 -25 3%
Total Intergovernmental 17,020 0 375,000 280,000 280,000 280,000 -25 3%
47000-Interest Earnings -55 123 0 0 0 0 0 0%ti
Total Interest Earnings -55 123 0 0 0 0 0 0%
49100-Transfer In from General Fund 70,071 80,695 0 0 0 0 0 0%
49200-Transfer In from Gas Tax Fund 0 200,000 0 0 0 0 0 0%
Total Transfers In 70,071 280,695 0 0 0 0 0 0%
Total Resources 115, 464,330 540,000 540,000 540,000 16 3%u
Requirements
Program Expenditures
Program Expenditures 0 0 0 0 0 0 0 0%u
Total Work in Progress 72,613 280,818 464,330 540,000 540,000 540,000 16 3%u
Total Transfers Out 0 0 0 0 0 0 0 0%
Total Budget MIMI 72,613 280,818 464,330 540,000 540,000 540;'
Reserve for Future Exp 42,390 42,445 0 0 0 0 0 0%
Total Requirements 323,263 464,330 540,000 540,000 540,000 ME
Debt Service Funds - Urban Renewal Debt Service
FY 2010 FY 2011 2012 2013 2013 2013 Adopted vs
Description Actual Actual Revised Proposed Approved Adopted FY 12 Revised
Resources
40000-Beginning Fund Balance 157,579 414,075 384,818 320,000 320,000 320,000 -16 8%
Total Beginning Fund Balance 157,579 414,075 384,818 320,000 320,000 320,000 -16 8%
40100-Current Property Taxes 253,283 325,173 300,000 330,000 330,000 330,000 10 0%
40101-Prior Year Property Taxes 2,318 3,676 0 0 0 0 0 0%
Total Taxes 255,601 328,849 300,000 330,000 330,000 330,000 10 0%
47000-Interest Earnings 895 1,068 3,455 2,000 2,000 2,000 -42 1%
Total Interest Earnings 895 1,068 3,455 2,000 2,000 2,000 -42 1%
Total Resources 414,076 743,991 688,273 652,000 652,000 652,000 ilin
Requirements
Program Expenditures
Program Expenditures 0 0 0 0 0 0 0 0%
Total Debt Service 0 249,000 375,000 450,000 450,000 450,000 20 0%
Total Budget M r 50,000 450,000 20 0%
Reserve for Future Exp 414,076 494,991 313,273 202,000 202,000 202,000 -35 5%
Total Requirements 414,076 743,991 688,273 652,000 652,000 652,000 IMIII
FY 2012-2013 Urban Renewal Projects
Facade Improvement Program $75,000
The program provides architectural design assistance and 50%matching grant funding for
businesses and property owners to upgrade their building exteriors. ($50,000 supported by carry
forward from FY 2011-12)
Targeted Retail and Restaurant Incentive Program $75,000
This new project will provide 50%matching grant funding to construct tenant improvements in
vacant properties for restaurants and targeted retail businesses on Main Street. ($25,000 supported
by carry forward from FY 2011-12)
Real Estate Attorney Services $15,000
Development and Real Estate Consulting $60,000
This project consists of funding professional services (in real estate development and economics,
architecture, and other needed specialists) to foster the opportunities for the redevelopment and/or
renovation of properties.A major program will be development opportunity studies to provide
business and property owners the technical assistance and resources to assess the feasibility of
redeveloping properties in the urban renewal district. Eligible pre-development activities include
architectural,planning, and engineering studies, and real estate market and financial analysis.
Business Technical Assistance $15,000
This project provides technical assistance to downtown businesses for economic development
activities such as events and marketing. ($25,000 supported by carry forward from FY 2011-12
Downtown Marketing)
PW Yard Preparation $30,000
These funds will be used to perform environmental assessments, clean-up and site clearance to
prepare the Public Works Yard to be offered for residential development (pending Public Works
consolidating operations on a new site.)
FY 2011-2012 Carryover Projects
Burnham Street Public Parking Lot $150,000
In FY 2011-12 $50,000 was requested to construct a 24 space paved public parking lot with
landscaping, stormwater treatment and lighting on two city-owned lots on Burnham Street; this has
been carried forward into FY 2012-13. The design of the lot will allow for expansion to the
northeast in the future if access and cost sharing with property owners can be agreed upon. Design
considerations have increased the budget by$100,000 which is funded through an additional loan in
FY 2012-13.
Gateways $60,000
Gateways demark entrances to the Downtown and create an identity for the District. This project
would fund the design and construction of two gateway walls at the northern and southern
entrances of Main Street and Pacific Highway.
Main Street Green Street Streetscape $60,000
As part of the urban renewal contribution for the Main Street Green Street project, streetscape
elements including public art will be designed and constructed. Elements of this project may be
installed prior to green street construction.
TOTAL: $540,000